Carlyle’s long-rumoured move forTyco International’s South Korean security systems unit has been secured after the firm agreed to pay $1.93bn for the asset.

The deal is the largest private equity buyout in terms of dollar value since the onset of the 2008 financial crisis according to Carlyle, which said it expected to close the purchase in the second quarter.

ADT Korea provides about 475,000 small and medium-sized businesses, commercial and residential customers with advanced security systems including central monitoring and video surveillance.

Bain had partnered with South Korean private equity firm Hahn & Co to bid for the unit, while Standard Chartered’s private equity arm and Affinity Equity Partners were also thought to be considering offers.